On-demand staffing platform Gigforce on Tuesday said it has raised USD 3 million (about Rs 22 crore) in funding, led by Endiya Partners. Existing investor Unitus Ventures and key angels also participated in the pre-series A round, a statement said.
Unlike classifieds, lead sharing and job-search platforms, Gigforce offers full-stack staffing solutions and provides pre-screened and pre-trained gig workers to various enterprises. “The market is underserved today because of the lack of suitable technology to manage scale. India”s top five staffing companies together manage a workforce of one million,” Gigforce co-founder and CEO Chirag Mittal said.
He added that this is set to change with strong tailwinds, including the proliferation of inexpensive smartphones, ubiquitous Internet access for blue and grey collar workers, maturing technology platforms, simplification of labour codes, and the huge growth trajectory that India will witness in the next 10 years.
“With this fundraise, we plan to strengthen our team and technology and rapidly scale pan-India in the next few quarters,” he said. Within 12 months, Gigforce has achieved an annual run-rate (ARR) of Rs 25 crore and is growing 2X on a quarter-on-quarter basis. Gigforce expects to cross the Rs 100 crore ARR-mark soon.
With a potential to service up to 90 million jobs in India and contribute an incremental 1.25 per cent to India”s GDP over 8-10 years, there exists a huge opportunity waiting to be tapped, Abhishek Srivastava, Director at Endiya Partners, said.
Surya Mantha, Senior Partner at Unitus Ventures, added that Gigforce is disrupting the over USD 10 billion staffing industry by shaping the “future of work”.
“Over the last few years, Indian businesses have experienced the need for and recognized the potential of gig work. The speed at which Gigforce has catered to the rapid and diverse demand created during the pandemic shows their future-ready approach and scalability. And this is only the beginning,” Mantha stated.